Consumers have fuelled the economic recovery around the world so far. However, business investment has been strong during this cycle as well. The left chart compares capital spending by G3 economies (the U.S., eurozone and Japan) during the last three cycles and just how much stronger capital spending has been this time around. While the right hand chart shows that low borrowing costs (narrow spreads on corporate debt) provide an incentive for companies to invest and again lead a pick-up in capital investment.